10 things you’ve not thought about when renting out your first property

So you have made the decision to rent out your property, congratulations! It is an exciting moment becoming a landlord for the first time and is sure to be a very rewarding move for you. Of course there are lots of things to get ready, so here’s our top ten things you’ve probably not thought about when renting your first property…

1) Do your research

The first thing you should do is view similar homes in the local area to see how much they are going for and what they offer tenants.

2) Furnished or Unfurnished?
Decide how you want to offer the property to tenants, either furnished with your own furniture or unfurnished and just a living space for them to fill as they see fit.

3) Prepare the property
It’s always wise to give the property a fresh coat of paint throughout before renting it out to a new tenant. Keep it simple, with white and soft colours always a popular choice.

4) Get it cleaned
Hire a professional cleaner to come in and give the property a deep clean – they’ll be able to ensure it is completely clean ahead of your new tenant moving in.

5) Copy the keys
Make sure you have enough copies of every key required in the property. This includes for doors, windows, cupboards and any gas/electric metres.

6) Find the manuals
It’s always nice to leave your new tenant a welcome pack that contains the relevant manuals for things such as the boiler, alarm and any white goods.

7) Check for any wear and tear
Before your tenant moves in, go around the property and identify any known areas of slight damage (chipped paint, scuffed floors etc.) as this will allow you to undertake a proper inventory.

8) Take photos
Take photos of the entire property, including any areas of damage, so you are able to have clear proof should it be needed at a later date.

9) Sort your insurance
Make sure you are covered for every eventuality from the day your new tenant moves in. This will ensure that no matter what happens you will not be out of pocket.

10) Know your requirements
As a landlord, you have a number of legal requirements you have to meet – so brush up on what you need to do to ensure you are abiding by all the relevant laws.
Becoming a landlord for the first time can be very daunting, so if you not sure what you need to do, or are looking for some help with managing the ongoing commitments it requires, here at the Accommodation Centre we are one of Manchester’s leading Property Management Company’s.
Our highly knowledgeable team have over thirty years’ experience in helping landlord’s achieve the best from their property so get in touch with us today to find out more.